Are you trapped in a Timeshare?
What was once your idea of great getaway can quickly become a burden.
So John Matarese shows us how to get out without going under so you don’t waste your money.
John: In these tough times, a lot of families need cash. And so, they need to sell their home, boat, or Timeshare quickly. So what about all these companies that have popped up lately, promising that they can find a buyer for you? Are they worth considering?
Deborah: When you buy a Timeshare, like this –
John: Deborah Tacolvey has enjoyed the beach vacations she’s taken over the nine years she’s owned a Timeshare. But with more than a thousand dollars a year in maintenance fees, she now wants to sell it.
Deborah: Because I would like to try to unload it. I haven’t had much success in that.
John: Like thousands of owners in a similar predicament, she was lured in by ads promising to sell Timeshares.
Deborah: They have a promo where they could try to get rid of it. Or for a fee, they can guarantee that they can take it after 60 days.
John: But as soon as she paid the $300 fee to one company, she said she never heard from them again.
Deborah: I gave them the money; put it on my credit card. They said that that would be listed. I can’t even say that I ever actually found it out there on the website. So that’s basically was throwing my money away.
John: SmartMoney Magazine in an article called “Escape from Timeshare Hell” says avoid any company that claims they can guarantee a sale; or says it has buyers waiting. It doesn’t.
Rather, SmartMoney suggests you ask the condo developer if it buys shares back. List with a realtor; rent it out; donate to charity for a tax break. Finally, consider listing it on sites like Tug or redweek.com, which charge just a small listing fee. Deborah will try them next.
Bottom line, be very careful of any company that promises to sell a Timeshare, a home, or anything for a big upfront fee. You know, realtors charge commission after the sale. That way you don’t waste your money.